Today, more people trust Alternative Payment Systems (APS) for comprehensive CBD merchant processing. APS is an exclusively high-risk merchant account provider, giving honest and legitimate CBD merchants more options to sell their products and accept payments in-store and online. Without the ability to accept credit cards and other cashless payments, your CBD business will be left behind in today's marketplace.
The Problem with CBD Processing
Unfortunately, starting a CBD business isn't as easy as going to your bank and applying for a CBD merchant processing account. Even if you are a well-established merchant, earning more than $100k per month from CBD sales and willing to pay very high processing fees, you will be shot down just as fast as you can apply. In fact, the last thing you want to do is go to your personal bank and ask for a CBD merchant account because, not only are they not going to give you a CBD merchant account, but they're also going to ask you to take your banking elsewhere. Why? Because the banks also aren't allowed to provide banking for CBD clients. This is why you need a high-risk processor.
The problem with CBD merchant processing is that CBD is considered high-risk. Although many CBD retailers sell only hemp-based products, which contain mere trace amounts of THC, hemp oil is still related to the marijuana plant. Also, CBD merchants experience a much higher rate of chargebacks that other retailers. Fortunately, there are solutions. Those solutions begin with high-risk merchant processing companies like Alternative Payment Systems!
APS Gives Our Clients Options
Alternative Payment Systems partners with more than 40 banks that offer high-risk merchant accounts at affordable prices. We can get you set up with payment processing solution if you've been denied elsewhere, and we give you options so you don't get stuck with the first company that approves your application. However, you should know in advance that CBD merchants will pay higher rates than say textile merchants or other low-risk merchants. Because CBD retail is considered high-risk, the fees and rates that CBD merchants pay tend to reflect it.
Why is CBD Retail Considered 'High-Risk?'
CBD businesses are considered high-risk because of CBD's association with marijuana, and because CBD credit card disputes and chargebacks occur at a much higher rate than in other industries. It's not so much that your products are high-risk to your consumers, it's that providing you, a CBD merchant, with a merchant account is high-risk to the bank's bottom line. For this reason, banks place extraordinary criteria on their CBD merchant accounts.
Obtaining quality merchant processing can be a nightmare, but don't give up! You're almost there now. Alternative Payment Systems (APS) can get you set up with a CBD merchant processing solution that you can afford and gives you the merchant services you need. The first step is to give us a call and fill out an application.